Andrew Maguire has chimed in on the "Trader David R."controversy and has made some very interesting points related to the tightness of Physical Silver. You can find his
take on Turd Ferguson's site here:
Post: Andrew Maguire responds
to"Trader David R."
the bullion banks are indeed in the business of financing,
buying & selling, and
owning vast quantities of physical, however, what is not mentioned in the article
is a critical omission,
i.e. the amount of derivative
leverage employed by these banks."
'trader' makes the assertion that
there is so much physical
owned by the banks that there is
no more room to store it and further
that you can 'take all the physical you want'. This information is patently false, as anyone seeking silver in size will verify."
"Considering that over 5000 tonnes of so called 'physical silver' is cleared
between LBMA banks in
London every day, this should not have posed a problem, however, these transactions although counted as 'physical' in reality consist of
unallocated metal which the bulk of, when cleared, is simply netted
on the books amongst the clearers
every day with very little
physical actually changing hands."
he names HSBC and JPMorgan, the 2 banks that up until this year also
held the book on over 98% of all precious metals derivatives, JPMorgan still holding the lions share.
(Citi bank has now replaced HSBC). There is no need for a bullion bank to 'forge financial statements' when the bank can list their
highly diluted and rehypothecated unallocated assets under the heading 'physical commodities'. There are, however,
no allocated audited bar numbers to back up these 'assets'."
So there's an excellent report from the field. Those of you who have followed the Road to Roota letters for any amount of time know my take on Silver
manipulation and most of you
have taken my advice...BUY SILVER WITH EVERY SPARE PENNY YOU HAVE!
soon the "Millionaires
and Billionaires" are going
to be FIGHTING to get their hands on physical silver. These people will be desperate
to get their hands on metal in size and they will bid the price up to the heavens... but they still will
not be able to get their hands on much. And you won't be
One day very
soon you will be paying
over $1,000 an ounce for physical
silver and you will be begging
I guarantee you
that you will be KICKING yourself for not going
"all in" when the price
of silver was sub $100!
For those new to this Road here's a couple
articles on WHY silver is
The Witch (Revised!)
20 Reasons to Sell (BUY!) Physical Silver
are on the cusp of the largest
wealth transfer in history. We will
soon witness the "wealth of the world" be transferred from it's current virtual digital form to a real physical form.
Do yourself a favor...beat the "Millionaires
and Billionaires" to the front of the line for
purchasing physical silver. Don't listen to those who say "diversify your portfolio"
or put no more than 10% of your
wealth into precious metals...they will be
the ones BEGGING to buy your physical silver when this
May the Road you choose be the Right Road.